Liverpool won't pay £37m on Carvalho. Because that's what they'd have to pay.
It depends on a few variables for me.
If they receive 80m odd for Suarez, then I could see them blowing half of it on Carvalho, while spending the other half on a replacement for Suarez. If however Suarez sticks around, then no chance will they blow probably the majority of their transfer budget on one player.